Kuwait Real Estate News
Kuwait Property market needs streamlining
The Head of the Association of Real Estate Brokers, Mohammad Al-Hajri, while speaking to KUNA this week, mentioned that the Kuwait property market is full of chaos and needs streamlining.
He said, more cooperation between the Association and the Ministry of Commerce and Industry, was the need of the hour, and emphasized that the Ministry has already taken several solid steps in this regard, through the formation of Joint Committee, for regulating the work of property dealers, for curbing any irregularities.
He confirmed that the Ministry had co-operated with the Association by issuing the “Electronic Identity Cards” to prevent forgery, so that outsiders cannot enter this field.
Al Hajri pointed out that only about 3000 real estate brokers are now registered with the authorities, while the others are practicing the profession, without official authority. He mentioned that such illegal activities would soon come to and end.
The property exhibitions “illustrate the disorder now prevailing in the realty sector”, as some houses were priced way above that prevailing in the locality. For instance, few houses in the Janoub Surra were priced at KD475,000. He pointed out that a couple of years ago, the prices of houses ranged betweed KD70,000 to KD90,000 which was well within reach of young Kuwaiti people, and now they are beyond our means, he said.
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